Shares of Adani Green Energy hit a new high of Rs 193, having been locked in the 5 per cent upper circuit for the fourth straight day, on the BSE on Friday on the back of strong financial performance. AGEL, a subsidiary of the Adani Group, is one of the largest renewable power generation companies in India.
In the past week, the stock rallied 29 per cent after the company commissioned 75 MW wind power project. A sharp gain in the market price pushed the consumer electronics company in the list of top 100 Indian companies with the highest market capitalisation (m-cap).
At 02:41 pm, AGEL’s m-cap stood at Rs 30,131 crore, making it the 95th largest firm in India in terms of m-cap, the BSE data shows. It was ranked 175 at the beginning of the November 2019. In the past two months, the stock zoomed 114 per cent, as against a 3.5 per cent rise in the S&P BSE Sensex.
Besides, AGEL is now the third company from the Adani Group Companies to feature in the list of top 100 companies. Earlier, Adani Ports and Special Economic Zone, and Adani Transmission were ranked at number 38 and 77 rank position, respectively. In the past two months, the company also surpassed its group companies, Adani Power (Rs 24,260 crore m-cap) and Adani Enterprises (Rs 22,777 crore) and Adani Gas (Rs 19,032 crore) in the market-cap ranking.
AGEL had reported a net profit of Rs 5 crore for the quarter ended September 2019 (Q2FY20), as against a net loss of Rs 262 crore in the year ago quarter. Total revenue jumped 46 per cent year on year at Rs 1,349 crore during the quarter.
"AGEL continues to expand and invest in the renewables spectrum following the government’s mission to be world’s largest renewable energy expansion programme of 175GW till 2022," the management said in a statement. The company had strong operational and financial performance, with an EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 918 crore in H1FY20 and EBITDA margin of 89 per cent.